Facebook's libra is a threat to the sovereignty of nation states

14 Septembre, 2019, 00:35 | Auteur: Auguste Feret
  • France calls for EU rules on virtual currencies

LEGAL LIMBO Meanwhile, European Union authorities are sending Facebook a clear message that Libra is not welcome in Europe.

Speaking at the OECD Global Blockchain Policy Forum 2019, a virtual currency conference, Bruno Le Maire said Libra poses certain difficulties in terms of financial transactions and opined that thought needs to be given to creating a public digital currency.

It goes without saying that Facebook's "cryptocurrency" hasn't had it easy so far.

Despite the controversy, Bertrand Perez, general director of the Libra Association, told French magazine Les Echos, said he was confident about Libra launching in 2020.

Cryptocurrencies are based on decentralised technologies called distributed ledgers.

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Governments and policymakers have been in an uproar ever since Facebook debuted their Libra cryptocurrency to the world, prompting the first signs of stricter regulation around crypto and Bitcoin looming. Perez maintained that Libra association was in constant dialogues with regulators and central banks.

Euro zone governments and central banks are working on a long-term plan to launch a public digital currency that they hope would make redundant projects like Facebook's Libra, which is seen as a risk to financial stability, officials said on Friday. Reports suggest that the tech giant is hoping the euro, Singapore dollar, Japanese yen, British pound, and USA dollar will be among the first currencies to support the firm's virtual coin.

Facebook has already confirmed that it's working with existing payment providers including PayPal, Visa and Mastercard, as well as specific tech services like Lyft and Uber, who are likely to offer a pay-by-Libra option. Cryptocurrency exchanges and wallets used to store virtual coins have been attacked in recent years, leading to the theft of millions of coins belonging to traders.

As the potential inventor of a new cryptocurrency made available to over two billion users, Facebook itself - and its reputation for privacy and security - has also come under fire.

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